Dormant Ethereum Whale Moves $13.8M in ETH to Kraken, Raising Market Concerns
An Ethereum (ETH) whale, holding coins since the blockchain’s initial coin offering (ICO), reappeared on Monday by transferring 7,000 ETH—worth $13.8 million—to the crypto exchange Kraken, according to blockchain analytics firm Spot On Chain.
The move coincided with a sharp market downturn, as ETH briefly dropped to $1,760—its lowest point since October 2023—before recovering to around $1,900. The broader crypto market also saw declines, driven by fears of a U.S. recession.
Whale Transactions and Market Volatility
Large deposits to exchanges are often interpreted as potential sell-offs or preparations for margin trading, both of which can contribute to market turbulence. Such movements from long-dormant wallets also tend to attract increased trader attention.
Despite this transfer, the whale still holds 30,070 ETH, valued at over $50 million. Market watchers will be keeping a close eye on further transactions that could impact Ethereum’s price trajectory.
